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No pot of bold at Rainbow's End

By Phil Boeyen, ShareChat Business News Editor

Wednesday 30th August 2000

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A difficult trading year at Auckland theme park Rainbow's End is behind a lower profit result for listed entertainment company NZ Experience.

The company has made an after tax profit of $25,000 for the year ended June, compared with $120,000 last year.

It says Rainbow's End faced increased competition from the America's Cup Village, as well as adverse weather conditions. Plans are in place to bring a major new attraction to the theme park by the end of next year in a bid to boost visitor numbers.

The Christchurch Gondola experienced improved trading in the year with increasing numbers using the facility for dining and functions. As a result, the Gondola produced a positive contribution to group earnings.

NZ Experience says a significant achievement for the group in the year was the 20% reduction in the company's bank debt to $3 million, which has helped to reduce interest costs. It says looking ahead it will continue to reduce its core debt by a further $800,000 in January next year, with a view to then investing in the new ride at Rainbow's End..

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